The Los Angeles-based company Mighty gives children the chance to open their own online stores. It’s an initiative that allows them to develop entrepreneurial skills while also making money.
The idea may sound slightly crazy to some, but Mighty is essentially an e-commerce platform where children manage their own online stores. They choose the products to be sold, the colours of the storefront, and the communications and the marketing for their “small business”.
This concept came from an idea of Ben Goldhirsh, one of the two founders. While living in Costa Rica, his two daughters were in a school of just six people. Concerned about his daughters’ development and about them potentially falling behind American students, he tutored them and used learning platforms.
But the two girls didn’t see the point of studying after school. And that’s when Goldhirsh decided to encourage them to sell the bracelets they were making online. This allowed them to understand entrepreneurial challenges, develop mathematical skills, and learn about marketing and communication. This idea of learning through projects then interested Goldhirsh’s friends, who wanted to get their own offspring involved in similar undertakings.
Since then, Mighty has launched and now has nearly 3,000 “CEOs” in America. So how can underage entrepreneurs start their own businesses on Mighty? For now, young CEOs are only allowed to sell customisable hats, bags or stickers, made and shipped by a partner of the platform called Printful. Young entrepreneurs are also allowed to sell items made by artisans on the Novica platform.
Users of the site hope to be able to sell their own homemade items or offer services, which the platform does not currently allow. Mighty recently launched its own online community so that users can share tips, offer encouragement and support, and propose new features. On each transaction, Mighty claims a percentage of the sale. The site also plans to add a subscription service in the future.
Some, understandably, have questions about Mighty, especially parents who may fear their child experiencing the highs and lows of business. But the founders remain confident that there are important lessons to be learned, even through failure, and that it’s easy to stop the process or even just jump in for a few weeks. – AFP Relaxnews